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CHINA PBOC CONDUCTS CNY358.05 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.1270 FRI VS 7.1321

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MNI JAPAN JULY TOKYO CORE CPI +2.2% Y/Y; JUNE +2.1%

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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CAD Weighed By Continued Downward Pressure On Equities

CANADA
  • CAD has seen some additional intraday underperformance, with USDCAD broadly sidelined around 1.3715-1.3735 through US hours despite a softening in BBDXY. CAD only outperforms Antipodeans on the day.
  • Slightly stronger than expected IPPI inflation in September (0.4% M/M vs cons 0.3) was mainly an oil story. Excluding petroleum & products, IPPI was 0.0% M/M although it did follow an upward revised 0.6% M/M (prior 0.2%).
  • The rest of the session is likely driven by geopolitical factors (as shown by the quick uptick in the pair to the top of the above range as equities slipped on headlines that Hezbollah has attacked Israel with missiles) and US factors with Fed Chair Powell ahead at 1200ET.
  • Resistance is seen at the bull trigger of 1.3786 (Oct 5 high), after which lies 1.3805 (Mar 24 high), whilst support is seen at 1.3569 (Oct 10 low) seen ahead of US CPI.
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